IoT IAM Market by Component (Solutions, Services); Security Type (Network Security, Endpoint Security, Application Security, Cloud Security, Others); Deployment Type (On-Premise, Cloud-Based); Industry (BFSI, Automotive, Healthcare, Telecom and IT, Manufacturing, Public Sector and Utilities, Retail and Consumer Goods, Others): Global Market Size Estimates and Forecast (2022–2030)

BMIRE00025987 | Pages: 100 | Technology, Media and Telecommunications | Sep 2022 | Type: Global | Status: Published

The IoT IAM market crossed US$ 5.4 billion mark in 2022 and is expected to hit US$ 19.3 billion by 2030, recording a CAGR of 17.1% during the forecast period.

IoT IAM market has been significantly growing with the adoption of Bring your Own Identity (BYOI)

The BYOI approach gives access to multiple services utilizing single credential details, in which the user seeks to remember one strong password. With the rapid shift of businesses towards the huge use of IoT applications, the demand for securing identities to connected devices is also rising. It is becoming very hectic to manage multiple details of various devices. Thus, organizations will accept enhanced technologies, such as BYOI, to uphold the identities of the devices. BYOI is a technological progression in access control and authentication processes that provides security with a better user experience. Organizations will capitalize on adopting BYOI approaches during the forecast period to secure their IoT devices. Thus, it is believed that the demand for integrated & advanced identity solutions, such as BYOI, will rise and lead to a higher IoT IAM market growth for all the individual security components.

Within the report, the IoT IAM market is segmented into component, security type, deployment type, industry, and geography. Based on component, the IoT IAM market is segmented into solutions and services. Based on security type, the IoT IAM market is segmented into network security, endpoint security, application security, cloud security, and others. Based on deployment type, the IoT IAM market is segmented into on-premise and cloud-based. Based on industry, the IoT IAM market is segmented into BFSI, automotive, healthcare, telecom and IT, manufacturing, public sector and utilities, retail and consumer goods, and others. Geographically, the IoT IAM market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The IoT IAM market in Asia Pacific holds the highest growth rate and is expected to retain its position during the forecast period (2022-2030). The high growth is due to the presence of most populous countries such as China and India in the region.

BFSI segment in industry to hold largest share of IoT IAM Market during the forecast period (2022-2030)

Based on industry, the BFSI segment is estimated to account for a larger IoT IAM market share in 2022 and is expected to hold its position during the forecast period. The BFSI industry is a pioneer in implementing new technologies.  IoT has a huge influence on the banking industry and is associated with data transfer, collection, and interpretation of data. Further, IoT helps a bank in several other phases, ranging from increasing revenue to advancing customer services. The BFSI industry mostly favors IAM products and services that can protect the industry’s employees, customers, assets, offices, branches, and operations. Thus this vertical holds a major percentage of the total IoT IAM Market.  With the upgradation of the BFSI industry with new financial products and services, banks require a multilayered security approach to deliver authenticated and authorized customer experience.

Rising integration of IAM with IoT devices is one of the major factors accelerating the market growth.

Within a short period, IoT has been utilized among all the industry verticals, along with personal and home usage.  As per “the 2016 Symantec Internet Threat Report,” there are 25 connected devices per 100 people, and several devices are expected to be connected in the forthcoming years. The advent of IoT has altered several imaginary tasks into reality, such as smart homes, intelligent industrial systems, smart grids, medical devices, smart TVs, and driverless cars. With its huge application, this trend has been accepted widely. However, along with the diversified reach of IoT, advanced threats, such as malware, bots, ransomware, and Distributed Denial of Service (DDoS) attacks, have also increased significantly. Moreover, the application of IoT across all the industry verticals faces critical limitations in managing identities and governing access to critical business processes and information. To overcome this, IoT IAM vendors are increasing their solutions portfolio to aid their clients in confronting these limitations and benefit the most from their digital ecosystems.

Get more information on this report :

Recent strategic developments in IoT IAM market

The IoT IAM market has undergone several significant developments, and a few of these have been mentioned below:

  • In May 2022, Thales acquired S21sec and Excellium, two major players in Europe's cybersecurity consulting, integration, and managed services. Thales accelerates its cybersecurity development roadmap with this acquisition and expands its footprint in Spain, Portugal, Luxembourg, and Belgium.
  • In October 2021, IBM collaborated with Apptio, a leading technology business management (TBM) SaaS application provider, to help clients enhance hybrid cloud technology decision-making.

The IoT IAM market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Amazon Web Services, Inc.; Broadcom, Inc.; DigiCert Inc.; ForgeRock; GlobalSign; IBM; Keyfactor, Inc.; Ping Identity; Telefonaktiebolaget LM Ericsson; and Thales Group are among the prominent players operating in the market.

Target audience for the report:

  • IoT IAM software providers
  • IoT IAM service providers
  • IoT IAM associations, organizations, forums, and alliances
  • Venture capitalists, private equity firms, and start-up companies
  • End users of IoT IAM
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the IoT IAM market has been segmented on the basis of:

  • Component
    • Solutions
    • Services
  • Security Type
    • Network Security
    • Endpoint Security
    • Application Security
    • Cloud Security
    • Others
  • Deployment Type
    • On-Premise
    • Cloud-Based
  • Industry
    • BFSI
    • Automotive
    • Healthcare
    • Telecom and IT
    • Manufacturing
    • Public Sector and Utilities
    • Retail and Consumer Goods
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Amazon Web Services, Inc.
    • Broadcom, Inc.
    • DigiCert Inc.
    • ForgeRock
    • GlobalSign
    • IBM
    • Keyfactor, Inc.
    • Ping Identity
    • Telefonaktiebolaget LM Ericsson
    • Thales Group
  • Amazon Web Services, Inc.
  • Broadcom, Inc.
  • DigiCert Inc.
  • ForgeRock
  • GlobalSign
  • IBM
  • Keyfactor, Inc.
  • Ping Identity
  • Telefonaktiebolaget LM Ericsson
  • Thales Group
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